Here are three things you could do if you do not attend your economics class: watch television with some friends (you value this at $25) ,read a good novel (you value this at $13) ,or go in to work (you could earn $20 during the economics class) .The opportunity cost of going to your economics class is
A) $20,because this is the only alternative of the three where you actually receive a monetary payment.
B) $13,because this is the lowest valued alternative forfeited.
C) $25,because this is the highest valued alternative forfeited.
D) $58,because this is the total dollar sum of the alternatives forfeited.
Correct Answer:
Verified
Q6: It usually takes less time to buy
Q23: Produced goods used as inputs for the
Q25: Which of the following is an example
Q26: The opportunity cost of attending college is
A)
Q32: When economists speak of scarcity,they are referring
Q35: The headline in the newspaper reads "County
Q37: Which of the following is not one
Q40: The physical and mental talents people bring
Q43: Which of the following is a normative
Q58: Microeconomics is the branch of economics that
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents